Celsion drug delivery, cancer news
Investor Mangrove Partners Fund L.P. sent a letter to Celsion's board requesting several actions including the immediate appointment of two Mangrove designees to Celsion's board. Mangrove, which holds a 7.85% stake, also requested Celsion hire an independent investment bank to explore all strategic alternatives, set measurable goals for management that carry the potential for termination if they are not met and review the actions of management in their attempt to silence a stockholder. The largest shareholder provided the background of the last provision in which Celsion CEO Michael Tardugno offered to allocate a portion of an expected $15 million financing in exchange for signing an agreement which would prevent Mangrove from becoming activists and a threat to management (see BioCentury, Dec. 5). ...